Manufacturing grows in November

TEMPE, Ariz. -- The U.S. manufacturing sector continued to grow during November, if at a somewhat slower pace, and the nation's purchasing managers, who control the purse strings of corporate America, say they're largely satisfied with the way business is going.

The Institute for Supply Management (ISM) said its November barometer of manufacturing activity dipped slightly for a second straight month, to a level of 58.1 from 59.1 in October, giving up some of a big jump of almost six percent in September. But even though slacking off slightly during the past two months, the reading is still up 4.5 percent since August, and up more than six percent since a 13-month low of 51.4 in May.

The monthly index "showed significant strength in manufacturing activity," with gains recorded in most key metrics, said Norbert J. Ore, chairman of the ISM's Manufacturing Business Survey Committee. "While energy costs and supply interruptions remain a concern, purchasers are satisfied in general with current business conditions."